More specifically, a fast mortgage closing through a private mortgage lender will typically only involve the lender, their lawyer, the borrower, the borrower’s lawyer, and a mortgage broker.
While five people involved may seem like a lot, compare that to the mortgage closing process of any bank or institutional lender and you may find that its more like ten to twenty people shuffling the paper.
Not only are there fewer people involved, but all parties on the lender side are conditioned and prepared for a fast mortgage closing requirement.
In general terms, most private lenders will operate under a 10 business day closing schedule, and cannot approve and fund a mortgage in the two to five business days associated with fast mortgage closings.
For a private lender that is prepared to do a fast close mortgage, not only is the lender prepared to move quickly, but they also have a strong relationship with a lawyer who will be prepared to push a fast mortgage closing request to the front of the pile and get the paper work completed, mortgage registered, and funds disbursed as quickly as possible.
The mortgage broker is key to coordinating all the related parties so that their is no time wasted from one step to another and that all communication between parties happens on a timely basis.
The speed of the process is largely dictated by the borrower in that the borrower needs to provide all pertinent documents required by the lender, and the borrower’s lawyer needs to be available to complete his or her end of the transaction.
Because of the focus on speed, a fast mortgage closing will typically be a bit more costly to get into place compared to a bank, institutional, or standard private mortgage. In most cases, the benefits obtained from a fast close mortgage greatly outweigh any incremental costs associated with getting the loan in place.
If you have a need for a fast mortgage closing, I suggest that you give me a call so I can quickly review your requirements, and immediately provide you with some private mortgage options for your consideration.